JERUSALEM (dpa-AFX) - Oil climbed above $116 per barrel Monday after President Donald Trump said he wants to 'take the oil in Iran' and indicated that he is considering seizing the strategic oil export hub of Kharg Island.
Iran's response to a planned US ground invasion that it was waiting for American troops also sparked fears that the conflict may escalate further.
With around 3,500 US troops arriving in the region, Iran's parliament speaker Mohammad Bagher Ghalibaf said Tehran was 'waiting for American soldiers to enter on the ground so we can rain fire upon them.'
Brent crude price increased 3.5 percent in morning trading hours Monday to cross $116 a barrel, the highest level in 11 days.
It is the second highest point since the Middle East war broke out on February 28.
On March 19, oil had hit $119 a barrel.
WTI rose by 2 percent to $101.7 per barrel.
In an interview with the Financial Times Sunday, Trump said, 'To be honest with you, my favorite thing is to take the oil in Iran but some stupid people back in the US say: 'Why are you doing that?' But they're stupid people.'
'Maybe we take Kharg Island, maybe we don't. We have a lot of options. It would also mean we had to be there [in Kharg Island] for a while,' he told the FT.
Iran doesn't have any defense on the island, the source of about 90 percent of the country's oil exports' according to Trump.
The U.S. forces 'could take it very easily,' he added.
Talking to reporters aboard Air Force One Sunday, Trump said, 'A deal could be made fairly quickly.'
As the Middle East war entered a second month, Iranian attacks have been reported across the Gulf region, including in Saudi Arabia and Kuwait.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
